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India's Iron Ore Shipments Rise 15% YoY in 2018-19

Mining News - Published on Wed, 17 Jul 2019

Image Source: Bunkerist
Business Standard reported that iron ore traffic has staged a comeback after a year of deceleration in 2018-19 which saw a decline in shipments by 16 per cent. As a fall-out of de-growth in iron ore cargo in last fiscal, many major ports dependent on the commodity, had to contend with muted growth in cargo throughput. At the end of June in FY20, all major ports with the exception of Mormugao port saw their iron ore volumes mounting. Mormugao was battered by the mining ban in Goa and curbs clamped on ore from Karnataka.

The Kolkata Dock System, made up by the riverine port of Kolkata and the one at Haldia, saw its iron ore cargo, including pellets, soaring more than three fold between April and June. Paradip port’s iron ore shipments spiked by 70 per cent in the period. Visakhapatnam, another iron ore cargo-driven port, had a 41 per cent growth in the commodity. The surge in iron ore shipments were propelled largely by a revival in export demand for the key steel making ingredient.

An industry source said that “Indian iron ore is being lapped up by the international markets, especially China, after the crisis at Vale’s mines in Brazil and some of Australia’s operations (were) pounded by a cyclone. The supply turmoil has generated a firm demand for iron ore in the export markets. Indian exporters are also fetching better prices as supply crunch had exalted iron or futures price at China’s Dalian commodity exchange to five year highs before moderating.”

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Posted By : Sanju Moirangthem on Wed, 17 Jul 2019
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